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Philippines share prices closed 0.96 percent higher on Wednesday on selective-buying of blue chips that had fallen in recent days, dealers said. The composite index rose 24.03 points to 2,510.32 points, while the all-shares index rose one percent to 1,588.57 points. There were 52 advancers against 33 decliners and 53 unchanged.
Volume amounted to 1.065 billion shares worth 2.037 billion pesos (43.8 million dollars). The local currency traded at 46.471 to the dollar. "Investors are buying select shares, blue chips, sensing that there are some good value in them after the recent volatility in share prices," said Lawrence de Leon of Accord Capital Development Corp.
"It's partly bargain hunting. Some shares are offering good value for the moment. Some investors are picking them up, possibly for long positions," he added. But this was not a change in the downward trend, he warned, remarking that the market was still very mixed with the upturn due largely to gains in large cap issues.
Energy Development Corp gained 7.93 percent to 3.40 pesos while Ayala Corp rose 0.86 percent to 292.50 pesos. Ayala Land Inc rose 2.15 percent to 9.50 pesos. However Philippine Long Distance Telephone Co fell 0.38 percent to 2,585 pesos. San Miguel Corp saw its A shares rise by 9.09 percent to 54 pesos while its B shares gained by 10.2 percent to 54 pesos.

Copyright Agence France-Presse, 2008

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